Scores of banks, lobbyists, foreign governments, insurance companies, law firms and money managers voiced their objections Monday to the so-called Volcker rule, restricting trading activities by U.S. banks. Colin Barr has details on The News Hub.

This transcript has been automatically generated and may not be 100% accurate.

on ... the ... everyone in the financial ... planning on the ball rule ... what is the ... real one are weighing in ... um what today is the deadline for role of regulators to put out for public comment ... the Volcker rule is looking this up for the dog Frank ... financial reform that would keep the insured banks from making bets with their money essentially the idea is that you ... what to keep banks from doing this so that they don't blow the onthe as some would say they did in two thousand ate Simon you may ... recall ... I may be on the spot any white guest twenty oh yes and so this this is an issue ... because people in the markets generally feel that this will raise costs so than your committee is ... is raising costs of banks is that something we should ... learn something new but just a ... a ... an acceptable trade off for safer markets can see from banks ... or is this going to cause economic of on rest of the so ... the effect it's a ... type of comments most of the public on the negative don't there's ... there's a lot about this and we haven't seen a lot of big banks yet and we just got a letter for instance from the trust banks which is a good Northern Trust in Bank of New York Mellon ... and State Street walking baby very much make assortment that you get some dislocation in your this makes up the things pumpkin ... you one of the things that the banks or are focusing on is this idea that it drives up costs ... so then that means the your euro for one K's and or pension plan when they buy shares when they fight Vaughan's ... that the forces of possible that ... the US does feel when when ... you have about another ten years that the cost is that is that an acceptable ... trade off ... in the Oval firms often of things that yes that is ... the sum of its two thousand I haven't yet read the incident and it is acceptable to the employees are saying that the reason being we did this was the bigger the bank's gotten too big and they got very risky anemia but that that's going wrong on them ... in a new kind of nearly fifteen climbed out with this so cute if you do things like this they knew you Inslee yourself and with that ... and so there was an obligation to join him and give yourself from from the risk of banks making that that's not to let them go pots ... I'm just saying OK you name it on the call and that's the one you could want you to the last stall auntie on a home on don't ask me for ... and who would want to go home ... possible what is wrong with you all for capitalism wet when when men lose and lose know ... that we were all wallpaper Goebel fashion at anything excellent likeable fashions usually do that ... the event of the ... good the ... it's also true ... that some of the public that is the few banks failed and this is very much the pub regulars that into thousandeight if you if you just let them fail ... we have a client's problem with anyone when button on reminding that I wasn't ... happy with AIG and Lehman Brothers and you just have to have all this risk if the locking system ... if you let these go up when we ... the technical term there ... if you think of the conclusion ... that you'll get all kinds of problems just huge unemployment is this you know to get things for going the wrong direction but say so what they're saying here is ... is in a sense just want to encourage people ... to be able to take their ball and go home we want to force the risk taking our commercial banks this is that's that's the key idea by the Volcker rule ... and that's what our whole miserable came out so strongly in favor of an does come stay with us ... we need to insulate that the banks that are going to be propped up by the deposit insurance fund ... keep them from doing we are weird things with with the end they all look ... back and forth the rules but I had to happen well I think we don't know and I think that the banks are pushing pretty hard they want they want to be an extended comment period may want to regulators to re propose that ... and of all kinds of technical reasons for this but I think what they want to do this sort of knew about it but the thing ... kind of guy episode will agree to who's going to keep pushing the pace in itself but it does a lot for struggling with respect to the US ... so I think it's quite likely that we're going to see who will be implemented in July ... which is what the last two years after the fact that happen so ... plenty of time right and so that's five months to the issue is that it took them so long to do all these things ... or they really don't undertaken on over to the right of this that you know what when it took so long to